Buying bank repossessed cars is a much easier process now thanks to the internet. Not only is it easier to find places to buy repossessed cars, but you can also learn valuable tips and tricks in order to maximize your savings. This short guide will give you a general outline on how to find repo cars and what to look for when buying.
The number one place these days to find bank repossessed cars is online. The internet has come along way with a lot of repo car auctions placing their inventory online. The first place you might check is your local county or police website. They will usually have a search bar where you can type in "auction". This will pull up some information on when and where their auction is. As mentioned, some municipalities are posting the repossessed vehicles online before bidding. This is a great opportunity to browse through their inventory and find the exact car you want. This way when you show up to the auction, you will already have a few great deals picked out.
Another option is to type into and major search engine "repo cars for sale" followed by your zip code. This will bring up all the relevant and local dealerships and banks in your area that sell repossessed vehicles. Just like the online auctions, some of these banks and dealerships will have an online inventory section in which you can browse for deals. If not, you can still add them to your list and go down the more traditional road. It is best to put together a bank and dealership list of 3 to 5.
Now that you have a good list, you should begin calling them up. It's very important to ask if the cars are auction or just up for sale. If they are sold in auction format, you may require a dealer license to participate in the bidding. The best way around this is to find someone who does have one and is willing to bid on your behalf for a small fee. Otherwise, stick to the dealership lots. Also, if you are dealing with the inventory of a bank, be sure to ask if they have special financing programs and they usually come hand and hand with the bank repossessed cars. Banks will also be much easier to get a discount off as they want to move this inventory as soon as possible. Selling repossessed cars is not the mainstay of their business and the sooner they get rid of them the better.
Finally, before you plan on making a purchase, please get a mechanic or a buddy who is really good with cars to check over the vehicle. The last thing you want to be driving away in is a lemon. Also be sure to read over all the documents and don't hesitate to ask questions. If you don't feel comfortable with the deal, take some to think about. Don't ever be afraid to walk away if something doesn't feel right as another great deal will be right around the corner.
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